In snacks, sauces and sourdough, it’s systems and scale that seal the deal.

Packaged food might sound everyday — but it’s one of the most M&A-active corners of the food sector. FY25 proved it again, with a string of smart deals across bakery, breakfast, ready meals and snacks.

George Weston Foods bought Noisette, sliding a premium sourdough brand into its bread empire without touching Tip Top. Arnott’s picked up Mother Earth and Flemings, bolstering its better-for-you bars and cereals. Nissin Foods went dumpling-deep, acquiring ABC Pastry to expand into frozen Asian meals. And a Soulfresh-led consortium acquired Wallaby, combining two strong clean-label snack brands.

Even the infrastructure side got love: Altimate Foods (cones and wafers) was snapped up by Alvia Asset Partners — a reminder that not all wins are consumer-facing.

Heading into FY26, buyers want:

• Category adjacency: think dips + crackers, cereal + snacks
• Operational clarity: what’s your line capacity? Changeover times? Waste?
• Shelf strength: not just ranging, but contract depth and promo planning

Supermarkets are outsourcing more private-label work to nimble producers. So if you own the plant — or have airtight co-man agreements — you’ve got leverage. But if your margins are fuzzy, your QA is flaky, or your founder is your only salesperson, expect trouble.

This isn’t a “cool brand” market. It’s a plug-and-play market. And if your numbers are sharp, your assets scalable, and your handover clean — you’re in play.